EyePoint, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
EYPT$0.36+1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-211870
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-335037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 122 previous paragraphs and 139 current paragraphs.
75 unchanged; 34 reworded; 24 added; 13 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
On July 17, 2026 (the “Effective Date”) we entered into a settlement agreement (the “Settlement Agreement”) with the United States of America, acting through the DOJ and on behalf of HHS and the Defense Health Agency (“DHA”), acting on behalf of the TRICARE Program, and the relator named therein. Pursuant to the Settlement Agreement, we agreed, among other things, to pay a settlement amount of $4,678,981.86, plus interest at a rate of 4.25% per annum from January 28, 2026 (the “Settlement Payment”). The Settlement Payment consisted of (i) $4,657,463.18 (plus interest) to be paid to the United States and (ii) $21,518.68 (plus interest) to be paid to certain participating states, in each case payable no later than 14 days after the Effective Date. In addition, we agreed to pay $166,500 for attorneys’ fees and costs to relator’s counsel no later than 60 days after the Effective Date. Conditioned upon payment of the Settlement Payment, the DOJ, OIG-HHS, DHA and the relator have agreed to release the Company and its subsidiaries from any civil or administrative monetary liability arising from the Covered Conduct (as defined in the Settlement Agreement), and the DOJ and the relator agreed to dismiss the civil action filed by the relator. In connection with the Settlement Agreement, on July 13, 2026, we entered into a Corporate Integrity Agreement (the “Corporate Integrity Agreement”) with HHS, which requires the Company to establish and maintain certain compliance programs for a five-year term, as more fully described in the Corporate Integrity Agreement. In exchange, HHS agreed not to seek the exclusion of our Company from participation in Medicare, Medicaid, or other federal health care programs as a result of the Covered Conduct.
Current report
On July 30, 2026, we announced enrollment was completed in both COMO and CAPRI, the pivotal Phase 3 trials of DURAVYU for the treatment of DME, with over 480 patients enrolled across both trials. Topline data for both DME trials are anticipated in the fourth quarter of 2027.
Current report
On May 14, 2026, we announced a positive recommendation from the independent Data Safety Monitoring Committee (DSMC) following completion of its third scheduled review of the Company’s ongoing pivotal Phase 3 program evaluating DURAVYU™ for the treatment of wet AMD.
Current report
In July 2026, we delivered multiple oral presentations at the American Society of Retina Specialists (“ASRS”) Annual Meeting supporting DURAVYU’s potentially best-in-class therapeutic profile as a sustained release TKI being developed for multiple indications:
Current report
A characterization of the multi-mechanism of action of DURAVYU in retinal exudative diseases
Current report
o
Current report
Overview of key learnings from the Phase 2 DAVIO 2 clinical trial in wet AMD
Current report
o
Current report
Post-hoc analyses of patients from the Phase 2 DAVIO 2 clinical trial who met Phase 3 criteria
Current report
o
Current report
Overview of DME clinical program and key learnings: from the Phase 2 VERONA trial to pivotal Phase 3
Current report
We were accepted to deliver multiple presentations at the Retina Society Annual Meeting in September, underscoring the multi-modal activity and broad treatment potential of DURAVYU and enthusiasm from the retinal community for new treatment options in multiple serious retinal diseases. This will be the first conference where LUGANO data will be presented to the retinal community.
Current report
Cost of sales remained immaterial for the three months ended June 30, 2026 compared to the same period the prior year.
Current report
Interest (expense) income remained consistent for the three months ended June 30, 2026 compared to the same period the prior year.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 (In thousands except share data and percentages:
Current report
License and Collaboration Agreement
Current report
Cost of Sales
Current report
Research and Development
Current report
Sales and Marketing
Current report
General and Administrative
Current report
Interest (Expense) Income
Current report
During the three and six months ended June 30, 2026, we sold 1,429,047 shares of common stock under the ATM Facility at a weighted average price of $14.16 per share for gross proceeds of approximately $20.2 million. Share issue costs, including sales agent commissions, totaled approximately $0.7 million. During July 2026, we sold 1,208,718 shares of common stock under the ATM Facility at a weighted average price of $14.44 per share for gross proceeds of approximately $17.5 million. Share issue costs, including sales agent commissions, totaled approximately $0.5 million.
Current report
$19.6 million provided by net proceeds from the issuance of 1,429,047 shares of our common stock sold utilizing our ATM Facility;
Removed paragraphs (13)
Previous report
our belief that DURAVYU is on track to be the first-to-market of the current investigational sustained release treatments for wet AMD;
Previous report
our belief that DURAVYU has two potential blockbuster indications;
Previous report
our belief that DURAVYU’s potential real-world application in multiple retinal disease indications and de-risked trial designs position DURAVYU for clinical and commercial success;
Previous report
our expectations regarding an agreement in principle with the U.S. Attorneys’ Office for the District of Massachusetts (DOJ) and the Office of the Inspector General of the Department of Health and Human Services related to the DOJ’s investigation into certain of our sales, marketing and promotional practices as pertain to DEXYCU and our expectations regarding a negotiated resolution;
Previous report
our expectations regarding our pending litigation against Ocular Therapeutix, Inc.
Previous report
our expectations regarding our ability to obtain and adequately maintain sufficient intellectual property protection for DURAVYU and any other products or product candidates, and to avoid claims of infringement of third-party intellectual property rights;
Previous report
our ability to enter into a settlement agreement and corporate integrity agreement with the government regarding the DOJ investigation and uncertainties related to the impact such agreements would have on our business, financial condition and results of operations;
Previous report
the duration, scope, and outcome of any governmental inquiries or investigations;
Previous report
the success of current and future license and collaboration agreements, including our agreements with ANI Pharmaceuticals, Inc. (ANI), Equinox Science, LLC (Equinox), and Ocumension Therapeutics (Ocumension);
Previous report
On March 20, 2026, we filed a complaint against Ocular Therapeutix, Inc. (“Ocular”) in the Middlesex County Superior Court for the Commonwealth of Massachusetts (the “Complaint”). The Complaint alleges, among other things, Ocular's dissemination of false or misleading representations of fact concerning our company and the clinical results of our lead product candidate, DURAVYU™ (vorolanib intravitreal insert). The Complaint asserts several causes of action against Ocular, including defamation, commercial disparagement, violation of Mass. Gen. L. c. 93A, §§ 2 and 11, and tortious interference with advantageous business relations. The Company is seeking injunctive relief preventing Defendant from further disseminating the false or misleading representations of fact, requiring its public retraction of the false and misleading statements, monetary damages, attorneys’ fees and costs, and such other relief that the court deems just and proper.
Previous report
On February 17, 2026, our first US patent for DURAVYU was issued, as US Patent No. 12,551,368, with an expiration date in 2043.
Previous report
On March 2, 2026, we announced the first patients dosed in both Phase 3 COMO and CAPRI global clinical trials of DURAVYU for the treatment of DME.
Previous report
the duration and outcome of a potential negotiated settlement with the U.S. government related to the DOJ investigation, including any additional undertakings that the DOJ or HHS requires us to pursue in connection with such negotiated resolution, such as a corporate integrity agreement;
Reworded paragraphs (34)
Previous wording
These data further highlight DURAVYU's multi-mechanism of action and its potential to bring a synergistic anti-inflammatory effect to the established VEGF receptors and PDGF receptor inhibition for treatment of wet AMD and DME.
Current wording
the potential of DURAVYU's multi-mechanism of action to deliver a synergistic anti-inflammatory effect alongside its established VEGF receptor and PDGF receptor inhibition in the treatment of wet AMD and DME;
Previous wording
our expectations regarding the timing and clinical development of our other product candidates;
Current wording
our expectations regarding the timing and clinical development of our other pipeline product candidates;
Previous wording
our belief that our cash, cash equivalents, and investments in marketable securities of $222.5 million at March 31, 2026, will enable us to fund operations into the fourth quarter of 2027, beyond Phase 3 wet AMD topline data for DURAVYU expected in 2026;
Current wording
our belief that our cash, cash equivalents, and investments in marketable securities of $180.5 million at June 30, 2026, will enable us to fund operations into the fourth quarter of 2027, beyond Phase 3 wet AMD topline data for DURAVYU expected in 2026;
Previous wording
our expectations regarding the warning letter we received from the FDA in July 2024, or the Warning Letter, pertaining to YUTIQ® manufacturing, citing alleged violations of cGMP requirements in connection with an FDA inspection at the our Watertown facility in February 2024 and our fully executed plan which implemented the corrective and preventive actions required by the Warning Letter; and
Current wording
our expectations regarding the warning letter we received from the FDA in July 2024, or the Warning Letter, pertaining to YUTIQ® manufacturing, citing alleged violations of cGMP requirements in connection with an FDA inspection at our Watertown facility in February 2024 and our fully executed plan which implemented the corrective and preventive actions required by the Warning Letter; and
Previous wording
In the first quarter of 2026, we reached an agreement in principle with the DOJ to settle matters related to the DOJ investigation into certain of our sales, marketing and promotional practices as pertain to DEXYCU during the period for which we commercialized this product. The agreement in principle is for a payment of approximately $4.7 million plus interest (exclusive of attorneys’ fees payable by us to counsel for relators in the qui tam action which are expected to be at or about $0.2 million), with such agreement in principle subject to our reaching an agreement in principle with the Office of Inspector General of the Department of Health and Human Services (HHS). On February 26, 2026, we reached an agreement in principle with HHS to resolve matters related to the DOJ investigation on terms to include us entering into a corporate integrity agreement and HHS agreeing not to seek our exclusion from participation in Medicare, Medicaid, or other federal health care programs. The agreements in principle are subject to negotiation, completion and execution of appropriate documents resolving these matters, including a settlement agreement and a corporate integrity agreement, which are expected to be finalized in or around the second quarter of 2026.
Current wording
our ability to comply with our obligations under the Corporate Integrity Agreement with the Office of Inspector General of the Department of Health and Human Services;
Previous wording
EYEPOINT®, DEXYCU®, Durasert®, DELIVERING INNOVATION TO THE EYE®and WITH AN EYE ON PATIENTS® are our trademarks. ILUVIEN® is ANI’s trademark The reports we file or furnish with the SEC, including this Quarterly Report on Form 10-Q, also contain trademarks, trade names, and service marks of other companies, which are the property of their respective owners.
Current wording
EYEPOINT®, DEXYCU®, Durasert®, Durasert E™, DELIVERING INNOVATION TO THE EYE®and WITH AN EYE ON PATIENTS® are our trademarks. ILUVIEN® is ANI’s trademark. We assigned our trademarks for YUTIQ to Alimera Sciences, Inc. (which was acquired by ANI) and to Ocumension Therapeutics in their respective territories. The reports we file or furnish with the SEC, including this Quarterly Report on Form 10-Q, also contain trademarks, trade names, and service marks of other companies, which are the property of their respective owners.
Previous wording
We are a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases. Our pipeline leverages proprietary bioerodible Durasert E™ technology (Durasert E™) for sustained intraocular drug delivery. Our lead product candidate, DURAVYU™ (a/k/a EYP-1901), is an investigational sustained delivery treatment for vascular endothelial growth factor (VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor (TKI) with Durasert E™. EyePoint is headquartered in Watertown, Massachusetts with a commercial manufacturing facility in Northbridge, Massachusetts.
Current wording
We are a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases. Our pipeline leverages proprietary bioerodible Durasert E™ technology (Durasert E™) for sustained intraocular drug delivery. Our lead product candidate, DURAVYU™ (a/k/a EYP-1901), is an investigational sustained delivery treatment for vascular endothelial growth factor (VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor (TKI) with Durasert E™. EyePoint is headquartered in Watertown, Massachusetts and has a commercial manufacturing facility in Northbridge, Massachusetts.
Previous wording
DURAVYU brings a potential new multi-mechanism of action paradigm for the treatment of retinal diseases as vorolanib, the active drug in DURAVYU, acts through intracellular inhibition of all VEGF receptors, platelet-derived growth factor (PDGF) receptor, and pro-inflammatory interleukin 6 (IL-6)/JAK1 signaling. Vorolanib has also demonstrated neuroprotection in an in-vivo model of retinal detachment.
Current wording
DURAVYU brings a potential new multi-mechanism of action paradigm for the treatment of retinal diseases as vorolanib, the active drug in DURAVYU, acts through intracellular inhibition of all VEGF receptors, platelet-derived growth factor (PDGF) receptor, and pro-inflammatory interleukin 6 (IL-6)/JAK1 signaling. Vorolanib has also demonstrated neuroprotection in anin vivo model of retinal detachment.
Previous wording
DURAVYU is being evaluated in Phase 3 clinical trials for the potential treatment of wet AMD and DME, the two largest retinal disease markets. Enrollment in the pivotal Phase 3 clinical trials for wet AMD is complete with data expected beginning in mid-2026. The first patients were dosed in both DME trials in February 2026 with enrollment completion expected in Q3 2026.
Current wording
DURAVYU is being evaluated in Phase 3 clinical trials for the potential treatment of wet AMD and DME, the two largest retinal disease markets. Enrollment in the pivotal Phase 3 clinical trials for wet AMD is complete with initial data expected in August 2026. The first patients were dosed in both DME trials in February 2026, and enrollment completion was announced in July 2026. The initial data readout for the DME program is expected in the fourth quarter of 2027.
Previous wording
On February 18, 2026, we announced the appointment of Michael Campbell as Chief Commercial Officer.
Current wording
On July 13, 2026, we announced the appointment of Tarek S. Hassan, M.D., as Chief Strategic Science Officer.
Previous wording
Vorolanib was identified as a potent inhibitor of JAK1, a critical transducer of IL-6 signaling, through extensive in vitro and in vivo studies.
Current wording
Through extensivein vitro and in vivo studies, vorolanib was identified as a potent inhibitor of JAK1, a critical transducer of IL-6 signaling. These data further highlight DURAVYU's multi-mechanism of action and its potential to deliver a synergistic anti-inflammatory effect alongside its established VEGF receptor and PDGF receptor inhibition in the treatment of wet AMD and DME.
Previous wording
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025:
Current wording
Three months ended June 30, 2026 Compared to Three months ended June 30, 2025 (In thousands except share data and percentages:
Previous wording
License and collaboration agreement revenue decreased by $11.0 million, or 99%, to $0.1 million for the three months ended March 31, 2026 compared to the same period the prior year. This decrease was primarily driven by the recognition of remaining deferred revenue related to our 2023 agreement for the license of YUTIQ® product rights in the second quarter of 2025.
Current wording
License and collaboration agreement revenue decreased by $4.8 million, or 90%, to $0.5 million for the three months ended June 30, 2026 compared to the same period the prior year. This decrease was primarily driven by the recognition of remaining deferred revenue related to our 2023 agreement for the license of YUTIQ® product rights in the second quarter of 2025.
Previous wording
Research and development expenses increased by $13.6 million, or 23%, to $72.1 million for the three months ended March 31, 2026 compared to the same period the prior year. This increase was primarily attributable to ongoing DURAVYU Phase 3 clinical trials for wet AMD and DME and scale-up of the Northbridge commercial manufacturing facility.
Current wording
Research and development expenses increased by $28.1 million, or 51%, to $83.6 million for the three months ended June 30, 2026 compared to the same period the prior year. This increase was primarily attributable to ongoing DURAVYU Phase 3 clinical trials for wet AMD and DME and scale-up of the Northbridge commercial manufacturing facility.
Previous wording
General and administrative expenses increased by $1.4 million, or 10%, to $15.2 million for the three months ended March 31, 2026 compared to the same period the prior year. This increase was primarily attributable to increased personnel costs, including non-cash stock compensation.
Current wording
General and administrative expenses increased by $2.4 million, or 20%, to $14.2 million for the three months ended June 30, 2026 compared to the same period the prior year. This increase was primarily attributable to increased personnel costs, including non-cash stock compensation.
Previous wording
Product sales, net decreased by $0.2 million, or 35%, to $0.5 million for the three months ended March 31, 2026 compared to the same period the prior year. This decrease was primarily attributable to the termination of the ANI commercial supply agreement (CSA) in the second quarter of 2025.
Current wording
Product sales, net decreased by $0.2 million, or 35%, to $0.5 million for the six months ended June 30, 2026 compared to the same period the prior year. This decrease was primarily attributable to the termination of the ANI commercial supply agreement (CSA) in the second quarter of 2025.
Previous wording
Royalty income decreased by $12.5 million, or 99%, to $0.1 million for the three months ended March 31, 2026 compared to the same period the prior year. This decrease was due to the termination of the SWK royalty purchase agreement (RPA) on March 18, 2025.
Current wording
Royalty income decreased by $12.6 million, or 99%, to $0.1 million for the six months ended June 30, 2026 compared to the same period the prior year. This decrease was due to the termination of the SWK royalty purchase agreement (RPA) on March 18, 2025.
Previous wording
Cost of sales decreased by $0.3 million, or 34%, to $0.5 million for the three months ended March 31, 2026 compared to the same period the prior year. This decrease was primarily attributable to lower commercial product sales year over year.
Current wording
Cost of sales decreased by $0.4 million, or 45%, to $0.5 million for the six months ended June 30, 2026 compared to the same period the prior year. This decrease was primarily attributable to lower commercial product sales year over year.
Previous wording
Interest (expense) income decreased by $1.3 million, or 36%, to $2.3 million for the three months ended March 31, 2026 compared to the same period the prior year. This decrease was primarily driven by lower cash available for investment in marketable securities.
Current wording
Interest (expense) income decreased by $1.3 million, or 20%, to $5.3 million for the six months ended June 30, 2026 compared to the same period the prior year. This decrease was primarily driven by lower cash available for investment in marketable securities.
Previous wording
We have had a history of operating losses and an absence of significant recurring cash inflows from revenue, and at March 31, 2026 we had a total accumulated deficit of $1,189.8 million. Our operations have been financed primarily from sales of our equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from collaboration partners.
Current wording
We have had a history of operating losses and an absence of significant recurring cash inflows from revenue, and at June 30, 2026 we had a total accumulated deficit of $1,284.3 million. Our operations have been financed primarily from sales of our equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from collaboration partners.
Previous wording
In August 2020, we entered into an at-the-market facility (the ATM Facility) with Cantor Fitzgerald & Co (Cantor). Pursuant to the ATM Facility, we may, at our option, offer and sell shares of its common stock from time to time, through or to Cantor, acting as sales agent. We will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares. During the three months ended March 31, 2026 and 2025, we did not sell any shares of our common stock under our ATM offering facility.
Current wording
In August 2020, we entered into an at-the-market facility (the ATM Facility) with Cantor Fitzgerald & Co (Cantor). Pursuant to the ATM Facility, we may, at our option, offer and sell shares of its common stock from time to time, through or to Cantor, acting as sales agent. We will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares.
Previous wording
At March 31, 2026, we had cash, cash equivalents, and investments in marketable securities of $222.5 million. We expect that our cash and investments in marketable securities will enable us to fund our operations into the fourth quarter of 2027. Due to the difficulty and uncertainty associated with the design and implementation of clinical trials, we will continue to assess our cash and cash equivalents, investments in marketable securities, and future funding requirements. However, there is no assurance that additional funding will be achieved and that we will succeed in our future operations. We expect to continue to incur substantial additional operating losses for at least the next several years as we continue to develop our product candidates and seek marketing approval and, subject to obtaining such approval, the eventual commercialization of our product candidates. If we obtain marketing approval for any of our product candidates, we will incur significant sales, marketing, and manufacturing expenses. We also expect to continue to incur significant costs to comply with corporate governance, internal controls, and similar requirements associated with operating as a public reporting company.
Current wording
At June 30, 2026, we had cash, cash equivalents, and investments in marketable securities of $180.5 million. We expect that our cash and investments in marketable securities will enable us to fund our operations into the fourth quarter of 2027. Due to the difficulty and uncertainty associated with the design and implementation of clinical trials, we will continue to assess our cash and cash equivalents, investments in marketable securities, and future funding requirements. However, there is no assurance that additional funding will be achieved and that we will succeed in our future operations. We expect to continue to incur substantial additional operating losses for at least the next several years as we continue to develop our product candidates and seek marketing approval and, subject to obtaining such approval, the eventual commercialization of our product candidates. If we obtain marketing approval for any of our product candidates, we will incur significant sales, marketing, compliance, and manufacturing expenses. We also expect to continue to incur significant costs to comply with corporate governance, internal controls, and similar requirements associated with operating as a public reporting company.
Previous wording
the scope, progress, results, and costs of clinical trials of DURAVYU, as a sustained delivery intravitreal treatment for wet AMD and DME;
Current wording
the scope, progress, results, and costs of clinical trials of DURAVYU for wet AMD and DME;
Previous wording
whether and to what extent we internally fund, whether and when we initiate, and how we conduct additional pipeline product development programs;
Current wording
our plans about whether, when, and how to fund and conduct additional pipeline product development programs;
Previous wording
Operating cash outflows for the three months ended March 31, 2026 totaled $80.5 million primarily due to our net loss of $84.8 million reduced by $11.5 million of non-cash expenses, which was primarily attributable to $11.6 million of stock-based compensation. We incurred cash outflows of $7.2 million in other working capital adjustments driven primarily by increased prepaid clinical expenses.
Current wording
Operating cash outflows for the six months ended June 30, 2026 totaled $142.9 million primarily due to our net loss of $179.3 million reduced by $21.1 million of non-cash expenses, which was primarily attributable to $22.0 million of stock-based compensation. We incurred cash inflows of $15.3 million in other working capital adjustments driven primarily by increased prepaid clinical expenses.
Previous wording
Operating cash outflows for the three months ended March 31, 2025 totaled $53.1 million primarily due to our net loss of $45.2 million reduced by $6.6 million of non-cash expenses, which included $7.8 million of stock-based compensation, partially offset by $1.7 million for amortization of discount on available for sale of marketable securities. We incurred cash outflows related to changes in working capital of $14.5 million, which included $23.5 million of deferred revenue related to the agreement to license YUTIQ® product rights to ANI offset by $9.0 million in other working capital adjustments.
Current wording
Operating cash outflows for the six months ended June 30, 2025 totaled $115.7 million primarily due to our net loss of $104.6 million reduced by $12.7 million of non-cash expenses, which included $14.7 million of stock-based compensation, partially offset by $2.9 million for amortization of discount on available for sale of marketable securities. We incurred cash outflows related to changes in working capital of $23.8 million, which included $28.6 million of deferred revenue related to the agreement to license YUTIQ® product rights to ANI offset by $4.8 million in other working capital adjustments.
Previous wording
For the three months ended March 31, 2026, $60.1 million of net cash was provided by investing activities from the sales of marketable securities, offset by $1.0 million used for the purchase of property and equipment.
Current wording
For the six months ended June 30, 2026, $136.4 million of net cash was provided by investing activities from the sales of marketable securities and gain on equity investments, offset by $2.2 million used for the purchase of property and equipment.
Previous wording
For the three months ended March 31, 2025, $39.8 million of net cash was provided by investing activities from the sales of marketable securities, and $0.3 million was used for the purchase of property and equipment.
Current wording
For the six months ended June 30, 2025, $89.4 million of net cash was provided by the sales of marketable securities, and $1.5 million was used for the purchase of property and equipment.
Previous wording
Net cash used in financing activities for the three months ended March 31, 2025 totaled $1.0 million and consisted mainly of the following:
Current wording
Net cash provided in financing activities for the six months ended June 30, 2026 totaled $17.4 million and consisted mainly of the following:
Previous wording
$1.1 million provided by the exercise of stock options and employee stock purchase plan
Current wording
$1.7 million provided by the exercise of stock options and employee stock purchase plan;
Previous wording
$3.4 million used for the settlement of stock units to satisfy statutory tax withholding
Current wording
$3.5 million used for the settlement of stock units to satisfy statutory tax withholding; and
Previous wording
$0.3 million used for payment of equity issue costs
Current wording
$0.4 million used for payment of equity issue costs
Previous wording
Net cash used in financing activities for the three months ended March 31, 2026 totaled $2.6 million and consisted mainly of the following:
Current wording
Net cash used in financing activities for the six months ended June 30, 2025 totaled $0.7 million and consisted mainly of the following:
Previous wording
$0.6 million provided by the exercise of stock options and employee stock purchase plan
Current wording
$0.9 million provided by the exercise of stock options
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
License and collaboration agreement revenue decreased by $15.7 million, or 96%, to $0.6 million for the six months ended June 30, 2026 compared to the same period the prior year. This decrease was primarily driven by the recognition of remaining deferred revenue related to our 2023 agreement for the license of YUTIQ® product rights in the second quarter of 2025.
Current report — wording carried from elsewhere
The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Research and development expenses increased by $41.7 million, or 37%, to $155.8 million for the six months ended June 30, 2026 compared to the same period the prior year. This increase was primarily attributable to ongoing DURAVYU Phase 3 clinical trials for wet AMD and DME and scale-up of the Northbridge commercial manufacturing facility.
Current report — wording carried from elsewhere
Sales and marketing expenses remained consistent and immaterial for the six months ended June 30, 2026 compared to the same period the prior year.
Current report — wording carried from elsewhere
General and administrative expenses increased by $3.7 million, or 15%, to $29.5 million for the six months ended June 30, 2026 compared to the same period the prior year. This increase was primarily attributable to increased personnel costs, including non-cash stock compensation.
Current report — wording carried from elsewhere
During the three and six months ended June 30, 2025, we did not sell any shares of its common stock under the ATM Facility.